Exoskeleton Market Trend to 2024 Profiling Activelink Co., Ltd., Hocoma, Ekso Bionics, Lockheed Martin Corporation, MedEXO Robotics, Mitsubishi Heavy Industries & More
Exoskeleton Market size is estimated to surpass USD 3.4 billion by 2024; according to a new research report.
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The product offer features such as performance assistance, adjustable frame and custom application software. These characteristics provide increased strength, security, and working efficiency for the workers in shipbuilding and heavy machinery industries. Investments in developing products for enhancing physical strength of industrial workers will augment the exoskeleton market size from 2016 to 2024.
Robotic development companies are using low cost, high strength material to enhance safety of operation in healthcare, industrial and military applications. Increasing funding from defense department of various countries to strengthen arm forces capability will stimulate the industry demand. For instance, in 2016, South Korea defense firms developed exoskeleton systems for Republic of Korea Army (RoKA). These systems are designed to increase soldier’s strength and endurance.
However, stringent government regulations concerning about the user safety and robot reliability are affecting the business. Manufacturers complying with these standards and get the approval from the regulatory authority possess high market potential during the forecast period. High price of these equipment is limiting the product adoption. The companies, such as Argo and Ekso are facing the problem in marketing products owing to the high price. Industry players also face difficulty in convincing insurance firms to cover the costs of these devices.
Asia Pacific is estimated to cross USD 780 million over the forecast timeframe. The growth can be attributed to increasing spending on healthcare and awareness about industrial robotics in manufacturing sector. China and South Korea are investing heavily in development of wearable robots for defense & security purposes.
North America is anticipated to grow at CAGR of over 48%. This growth is attributed to high demand from healthcare and military applications. Moreover, about 75% of the exo manufacturers are located in this region. The companies work in association with research universities to continue R&D on the product.
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Lower body exoskeleton acquired more than 60% of total revenue in 2016. These products are used to restore movement of disabled persons. Also, the companies such as Lockheed Martin are investing and developing effective lower body products to enable operation in hostile conditions for security forces. Upper body segment is projected to exhibit highest CAGR of 53% owing to increasing demand in industrial applications such as welding. Full body segment is poised to exhibit growth owing to use in security & defense applications. Revenue for this segment will cross USD 760 million in 2024.
Healthcare sector dominated the overall exoskeleton market size in 2016 and is expected to continue its dominance during the study period. Increasing spending on healthcare, technological advancements to increase safety and stringent government regulation will attribute to the segment growth. Military segment is expected to witness an exponential growth owing to increasing funding from defense departments to develop exosuits for their arm forces. The segment will witness substantial increase in revenue and will acquire more than 26% of the overall industry by 2024.
Some of manufacturers in the exoskeleton market include Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, Inc., MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corporation and Revision Military. The nature of the industry is consolidated with few companies permitted to commercialize the product. Stringent regulations such as FDA is creating high entry barriers for the robotic technology manufacturers.
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